Does Salesforce (CRM) Have Huge Growth Opportunities?

Investment management company Vulcan Value Partners recently released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all gained positive returns and outperformed their respective benchmark indexes in the first quarter. The fund’s Large-Cap Composite returned 14.0% net of fees and expenses, the Small Cap Composite returned 8.1% net, the Focus Composite returned 20.4% net, the Focus Plus composite returned 20.4%, and the All-Cap Composite returned 16.8% net. You can check the top 5 holdings of the fund to know its best picks in 2023.

Vulcan Value Partners highlighted stocks like Salesforce, Inc. (NYSE:CRM) in the first quarter 2023 investor letter. Headquartered in San Francisco, California, Salesforce, Inc. (NYSE:CRM) designs and develops cloud-based software for customer relationship management. On May 4, 2023, Salesforce, Inc. (NYSE:CRM) stock closed at $192.38 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was -0.09%, and its shares gained 13.36% of their value over the last 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $189.547 billion.

Vulcan Value Partners made the following comment about Salesforce, Inc. (NYSE:CRM) in its Q1 2023 investor letter:

Salesforce, Inc. (NYSE:CRM) was a material contributor during the quarter. The company has taken numerous positive steps to increase profitability more quickly than expected. Salesforce also improved its corporate governance by recommending three new board members. The company is focused on improving margins, deemphasizing acquisitions, and has expanded its stock buyback plan from $10 billion to $20 billion. We believe Salesforce can pursue these opportunities while continuing to increase its competitive position.

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Salesforce, Inc. (NYSE:CRM) is in 11th position on our list of 30 Most Popular Stocks Among Hedge Funds.  As per our database, 117 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the fourth quarter which was 117 in the previous quarter.

We discussed Salesforce, Inc. (NYSE:CRM) in another article and shared the list of most promising AI stocks. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.